# Demographics -> Labor Share (PWT labsh)

| Variable | M1: Z only | M2: Z + controls | M3: Z x KAOPEN |
|:---|---:|---:|---:|
| Z_1 | -0.0846 | -0.0659 | -0.0571 |
| | (0.0553) | (0.1092) | (0.1131) |
| Z_2 | 0.0111 | 0.0051 | 0.0041 |
| | (0.0088) | (0.0165) | (0.0172) |
| Z_3 | -0.0004 | 0.0000 | 0.0001 |
| | (0.0004) | (0.0007) | (0.0007) |
| fiscal_bal_gdp | | -0.0006*** | -0.0006*** |
| | | (0.0001) | (0.0001) |
| nfa_gdp_lag | | 0.0016* | 0.0016* |
| | | (0.0009) | (0.0009) |
| rgdp_growth | | -0.0002*** | -0.0002*** |
| | | (0.0001) | (0.0001) |
| log_rel_opw | | -0.0275*** | -0.0274*** |
| | | (0.0039) | (0.0040) |
| kaopen | | -0.0007 | 0.0002 |
| | | (0.0010) | (0.0015) |
| Z_1_x_kaopen | | | -0.0272 |
| | | | (0.0459) |
| Z_2_x_kaopen | | | 0.0037 |
| | | | (0.0069) |
| Z_3_x_kaopen | | | -0.0001 |
| | | | (0.0003) |
|:---|---:|---:|---:|
| N | 7970 | 3539 | 3539 |
| R² | 0.0230 | 0.1900 | 0.1941 |
| Countries | 138 | 127 | 127 |

*Panel GLS with country and year fixed effects. Standard errors in parentheses.*
*\*p<0.1, \*\*p<0.05, \*\*\*p<0.01*